A crisis was created because the US does not have enough cash to pay its monthly Debt payment.
This is totally false. The federal government never "has (or doesn't have) money". It is the monopoly "issuer" of its sovereign fiat currency, so it never needs revenue to make any payment in US dollars. Only untested laws and rules interjected to prevent Congress from fulfilling its mandate to "coin" (create) the currency "for the common welfare" (Article 1: Section 8), such as the debt ceiling and requiring the issue of bonds to match (not fund) deficits, present impediments to making any payment denominated in US dollars.
Neither of these gentlemen nor anyone in Washington intends to meet and fully pay our Debt.
This is because neither believes the propaganda that has replaced reality in the minds of the average voter concerning federal finance and the creation of money in the private sector. Simply labeling a spreadsheet entry that accurately (to the penny) reflects the money supply in the private sector as "debt" and reinforcing all of the negative connotations that present to voters whose only interaction with the currency is from their perspective of "users", not issuers, is sufficient to create visions of doom and gloom should they ever demand that Congress serve their best interests.
This has been so successful in shaping the public attitude toward money creation that the average person on the street will become angry and accuse you of being a "communist/socialist" should you ever point out that "money" is a creation of law and constitutional authority, not something that grows on rich employers. Throw in an endless procession of "expert" economists, economic advisors, pundits, and just people writing opinions on venues like Medium and elsewhere to reinforce the fantasy and you have a system that serves only the top echelon of earners who are the first to see any real money creation and are the only beneficiaries of bond issues.
These people will, and have, invested a considerable portion of their gains to perpetuate the illusion that "they" are the source of all wealth and that our government is dependent upon them and their taxes to "fund" its functions, in spite of the fact that the federal government never "needs" their money and actually "funds" the economy and society, not the other way around. Their greatest fear is becoming irrelevant in the grand scheme of things, not that they may have to pay more to support the government and its programs.
In the world of Washington, there is no ceiling to our Debt. This newly created deficit will be added to our already existing $37 Trillion Debt. A burden that the American people will bear for a generation or more.
Every dollar of federal deficit spending becomes someone's monetary asset in the private sector, including the interest paid on Treasury bonds. It is not an obligation that the private sector will, or can, be responsible for paying off. Doing so, even if it were possible, would eliminate all US dollars in existence and cause a general default on all private bank debt.
While I'm sure there are some deluded "true believers" in our government that refuse to learn the reality of federal spending, I highly doubt that they are at the level of President or Chairman of the Federal Reserve. Regardless of what message comes out of any meetings meant for consumption by the "little people" the fact that "ANY" austerity forced on society will remain, as it always was, a "political decision", not sound economics based in reality.
